State Bank of Indore – State Bank of India – State Bank of Indore and SBI Boards OK Merger Plan

State Bank of Indore – State Bank of India – State Bank of Indore and SBI Boards OK Merger Plan

MUMBAI – The boards of State Bank of India and its associate State Bank of Indore have approved an acquisition of the latter by the country’s biggest lender, both banks told the stock exchange on Friday.

SBI’s central board approved acquisition of the associate bank, subject to approval by Reserve Bank of India and the federal government, it said.

Earlier in the day, State Bank of Indore had informed the stock exchange of a resolution to merge with or be acquired by State Bank of India.

State Bank along with its associate banks controls nearly a fourth of India’s bank loans and deposits.

It has already absorbed State Bank of Saurashtra and has said it is progressively looking to merge its other associate banks.

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